DDM Analysis: MKP.TO

Valuation Snapshot

Stable Growth	$101.48 - $366.38	$322.54
Multi-Stage	$47.87 - $52.29	$50.04
Blended Fair Value	$186.29
Current Price	$19.45
Upside	857.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.49%	6.27%	1.09	0.91	0.93	0.57	0.89	0.63	0.90	0.74	0.69	0.62
YoY Growth	-	-	19.68%	-2.35%	62.95%	-35.54%	40.34%	-29.47%	21.00%	8.28%	10.94%	4.01%
Dividend Yield	-	-	5.94%	5.75%	6.22%	3.21%	5.40%	5.20%	5.64%	4.18%	4.58%	4.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	71.39
(-) Cash Dividends Paid (M)	52.84
(=) Cash Retained (M)	18.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.28	8.92	5.35
Cash Retained (M)	18.55	18.55	18.55
(-) Cash Required (M)	-14.28	-8.92	-5.35
(=) Excess Retained (M)	4.27	9.63	13.20
(/) Shares Outstanding (M)	38.75	38.75	38.75
(=) Excess Retained per Share	0.11	0.25	0.34
LTM Dividend per Share	1.36	1.36	1.36
(+) Excess Retained per Share	0.11	0.25	0.34
(=) Adjusted Dividend	1.47	1.61	1.70
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$101.48	$322.54	$366.38
Upside / Downside	421.72%	1,558.31%	1,783.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	71.39	76.03	80.98	86.24	91.85	97.82	100.75
Payout Ratio	74.01%	77.21%	80.41%	83.61%	86.80%	90.00%	92.50%
Projected Dividends (M)	52.84	58.71	65.11	72.10	79.72	88.03	93.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.34	54.85	55.37
Year 2 PV (M)	55.78	56.84	57.91
Year 3 PV (M)	57.16	58.80	60.48
Year 4 PV (M)	58.50	60.75	63.06
Year 5 PV (M)	59.79	62.67	65.67
PV of Terminal Value (M)	1,569.57	1,645.38	1,724.10
Equity Value (M)	1,855.13	1,939.30	2,026.58
Shares Outstanding (M)	38.75	38.75	38.75
Fair Value	$47.87	$50.04	$52.29
Upside / Downside	146.12%	157.28%	168.86%

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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
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MCAN Mortgage Corporation (MKP.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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